english - About Heraeus
english - About Heraeus
english - About Heraeus
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Foreign currency gains and losses from hedged receivables and liabilities are offset and<br />
reported either in other operating expenses or other operating income, depending on the<br />
balance.<br />
The exchange rates for major currencies used for currency translation varied as follows in<br />
relation to the euro:<br />
ClosinG Rate aVeRaGe Rate<br />
1 EUR = 2012 2011 2012 2011<br />
China CNY 8.2207 8.1588 8.1094 8.9959<br />
United Kingdom GBP 0.8161 0.8353 0.8111 0.8677<br />
Hong Kong HKD 10.2260 10.0510 9.9726 10.8337<br />
Japan JPY 113.61 100.20 102.62 111.02<br />
Canada CAD 1.3137 1.3215 1.2848 1.3757<br />
Korea KRW 1,406.23 1,498.69 1,448.20 1,541.11<br />
Switzerland CHF 1.2072 1.2156 1.2053 1.2340<br />
USA USD 1.3194 1.2939 1.2856 1.3917<br />
Use of estimates and assumptions in the preparation of the consolidated financial statements<br />
The amount of assets, debts, and provisions, contingent liabilities, and other financial<br />
commitments reported in the consolidated financial statements depends on the use of<br />
estimates and assumptions. These are based on the status and evaluations on the balance<br />
sheet date and, insofar, affect the amount of the reported income and expenses. The<br />
basic assumptions and parameters for the estimates are based on the current state of<br />
knowledge and available data and are explained in the notes and refer to impairments<br />
of non-current assets, financial instruments, the assessed value of deferred tax assets on<br />
loss carryforwards, provisions and goodwill. Any uncertainty that exists is taken into<br />
appropriate account in the determination of the value; however, actual results may still<br />
deviate from the estimates.<br />
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